The problem is people were not responsible. They were getting loans and they had a history of not paying any bills. They were packaging stated loans
and no income verification loans. They just send the bad credit loan to Wall Street and viola, the loan morphs from a bad credit loan to a solid
investment.

This couldn't have occured if crooked politicians didn't ease underwriting standards and a 540 credit score with barely any money down could fly
through the process. They eased underwriting standards because they got political donations and then became salesmen for the investment banks.

The problem is people were not responsible. They were getting loans and they had a history of not paying any bills. They were packaging stated loans
and no income verification loans. They just send the bad credit loan to Wall Street and viola, the loan morphs from a bad credit loan to a solid
investment.

This couldn't have occured if crooked politicians didn't ease underwriting standards and a 540 credit score with barely any money down could fly
through the process. They eased underwriting standards because they got political donations and then became salesmen for the investment banks.

People were suckered into accepting a mortage they could not afford and how the banks had shady practices that when someone attempted to either read
the agreement in full or asked a q the classic response was "This is time sensitive and you can't get a better deal anywhere else".

When the mortage market was loosened in 2005 that was supposed to be a good thing but the banks used that as an oppourtunity to sucker alot of people
into bad deals whereas they had no right to do so from the getgo.

They were getting as low as 5.000% introductory teaser rates that doubled to 10.000% after about 2 yrs that tripled to north of 30.000% when the
Lipper Average reset. When you are expecting your mortage payment to be around say $500 a month you had alot of people structuring their budgets
around that to allocate that money but out of nowhere their mortage monthly payments shot up to north of $1,500 a month meant that forced alot of
people into financial collapse. The overall plan was a good one but once the banks and lenders got their fangs and talons into it the entire system
went to hell. Alot of these banks sold, resold and resold again alot of these debts making paying them down so complex because after about 3 yrs or so
you didn't know who owned your debt. A moritorium was placed in 09 to end that practice that read as long as the homeowner is up to date and is paying
down the debt that no entity could sell any mortgage to any external entity.

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